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Author: Congressional Research Congressional Research Service Publisher: CreateSpace ISBN: 9781502955159 Category : Languages : en Pages : 48
Book Description
In August 2007, asset-backed securities (ABS), particularly those backed by subprime mortgages, suddenly became illiquid and fell sharply in value as an unprecedented housing boom turned into a housing bust. Losses on the many ABS held by financial firms depleted their capital. Uncertainty about future losses on illiquid and complex assets led to firms having reduced access to private liquidity, sometimes catastrophically. In September 2008, the financial crisis reached panic proportions, with some large financial firms failing or having the government step in to prevent their failure.
Author: Congressional Research Congressional Research Service Publisher: CreateSpace ISBN: 9781502955159 Category : Languages : en Pages : 48
Book Description
In August 2007, asset-backed securities (ABS), particularly those backed by subprime mortgages, suddenly became illiquid and fell sharply in value as an unprecedented housing boom turned into a housing bust. Losses on the many ABS held by financial firms depleted their capital. Uncertainty about future losses on illiquid and complex assets led to firms having reduced access to private liquidity, sometimes catastrophically. In September 2008, the financial crisis reached panic proportions, with some large financial firms failing or having the government step in to prevent their failure.
Author: Baird Webel Publisher: DIANE Publishing ISBN: 1437929699 Category : Business & Economics Languages : en Pages : 44
Book Description
This is a print on demand edition of a hard to find publication. Contents: (1) Intro.: Estimating the Costs of Gov¿t. Interventions; (2) Troubled Asset Relief Program (TARP): Capital Purchase Program and Capital Assistance Program; Home Affordable Modification Program; U.S. Automakers; (3) Federal Reserve: Term Auction Facility; Term Securities Lending Facility; Primary Dealer Credit Facility; Term Asset-Backed Securities Loan Facility; Central Bank Liquidity Swaps; Bear Stearns; (4) FDIC: Temporary Liquidity Guarantee Program; (5) U.S. Dept. of the Treasury: Money Market Mutual Fund Guarantee Program; (6) Joint Interventions: Public Private Investment Program: Legacy Loan Program; Legacy Securities Program; AIG; Fannie Mae and Freddie Mac; Citigroup; Bank of America. Charts and tables.
Author: Financial Crisis Inquiry Commission Publisher: Cosimo, Inc. ISBN: 1616405414 Category : Political Science Languages : en Pages : 692
Book Description
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Author: Publisher: ISBN: Category : Banks and banking Languages : en Pages : 6
Book Description
In response to ongoing financial turmoil that began in the subprime mortgagebacked securities market, the federal government has intervened with private corporations on a large scale and in an ad hoc manner three times from the beginning of 2008 through September 19, 2008. The firms affected were Bear Stearns, Fannie Mae and Freddie Mac, and AIG. Another large investment bank, Lehman Brothers, sought government intervention, but none was forthcoming; subsequently, the firm sought bankruptcy protection. These interventions have prompted questions regarding the taxpayer costs and the sources of funding. The sources of funding are relatively straightforward, the Federal Reserve (Fed) and the U.S. Treasury. The costs, however, are difficult to quantify at this stage. In the most recent interventions (Fannie Mae and Freddie Mac, and AIG), all the lending that is possible under the interventions has yet to occur. Also, in all the current cases, the government has received significant debt and equity considerations from the private firms. At this point, Fannie Mae, Freddie Mac, and AIG are essentially owned by the federal government. Depending on the proceeds from the debt and equity considerations, the federal government may very well end up seeing a positive fiscal contribution from the recent interventions, as was the case in some of the past interventions summarized in the tables at the end of this report. The government may also suffer significant losses, as has also occurred in the past. This report will be updated as warranted by legislative and market events.
Author: Eskander Alvi Publisher: W.E. Upjohn Institute ISBN: 0880996366 Category : Political Science Languages : en Pages : 152
Book Description
This book presents a notable group of macroeconomists who describe the unprecedented events and often extraordinary policies put in place to limit the economic damage suffered during the Great Recession and then to put the economy back on track. Contributers include Barry Eichengreen; Gary Burtless; Donald Kohn; Laurence Ball, J. Bradford DeLong, and Lawrence H. Summers; and Kathryn M.E. Dominguez.
Author: Mr.Stijn Claessens Publisher: International Monetary Fund ISBN: 1484355261 Category : Business & Economics Languages : en Pages : 754
Book Description
The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.
Author: Publisher: ISBN: Category : Capital budget Languages : en Pages : 48
Book Description
And introduction -- Actions by the Federal Reserve to address the financial crisis -- The projected impact of the Federal Reserve's actions on the Federal Budget -- Estimates of fair-value subsidies from the Federal Reserve's actions -- Appendix A : Programs created by the Federal Reserve during the financial crisis -- Appendix B : CBO's fair-value methods.
Author: Mr.Stijn Claessens Publisher: International Monetary Fund ISBN: 1475561008 Category : Business & Economics Languages : en Pages : 66
Book Description
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Author: Bastian Breitenfellner Publisher: ISBN: Category : Languages : en Pages : 32
Book Description
The recent global financial crisis represents a major economic challenge. In order to prevent such market failure, it is vital to understand what caused the crisis and what are the lessons to be learned. Given the tremendous bailout packages worldwide, we discuss the role of governments as lenders of last resort. In our view, it is important not to suspend the market mechanism of bankruptcy via granting rescue packages. Only those institutions which are illiquid but solvent should be rescued, and this should occur at a significant cost for the respective institution. We provide a formal illustration of a rescue mechanism, which allows to distinguish between illiquid but solvent and insolvent banks. Furthermore, we argue that stricter regulation cannot be the sole consequence of the crisis. There appears to be a need for improved risk awareness, more sophisticated risk management and an alignment of interest among the participants in the market for credit risk.
Author: Congressional Research Congressional Research Service
Author: Congressional Research Congressional Research Service
Author: Baird Webel
Author: Financial Crisis Inquiry Commission
Author: 
Author: Alyssa G. Harrington
Author: Eskander Alvi
Author: Mr.Stijn Claessens
Author: 
Author: Mr.Stijn Claessens
Author: Bastian Breitenfellner